Features of Internet Banking

Assessing the various features of internet banking

Key Takeaways

Internet banking allows you to access your bank account on the go.
You initiate online fund transfers via facilities like NEFT, RTGS, IMPS etc.
You can view account balance and past transactions remotely at any time.
You can pay utility bills and recharge mobile and DTH devices with internet banking.
Other features of internet banking include provisions to invest and apply for loans.

Internet banking or net banking is an online facility that allows you to access your bank account 24x7. Like a traditional brick-and-mortar bank, internet banking lets you transfer funds, book term deposits, apply for bank cards and get account statements. You can register for this facility at the time of opening your bank account and enjoy the following features of internet banking.

Features of Internet Banking

With Internet banking services, you can conduct an array of banking transactions. The prominent ones are as under.

Check Account Balances & Statements

You can log into the internet banking account to check your account balance at any time. You can check for recent transactions or download statements from years ago.
24x7 Fund Transfer

You can transfer money within the same or different banks through internet banking via facilities like RTGS, IMPS, NEFT, and UPI. You can also initiate overseas fund transfers.
Bill Payments & Recharge

You can pay various utility bills like electricity, landline, gas, property tax, etc., and set up standing instructions for automatic payments. You may also recharge your DTH and mobile phone connection, pay credit card bills and loan EMIs conveniently.

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Order Cheque Books & Cards

Another feature of internet banking is the provision to place orders for new cheque books and bank cards. You can apply for primary and add-on debit cards and credit cards online and get swift delivery.
Open deposit accounts

Banks also allow you to open fixed and recurring deposits through the internet banking platform. You can choose your preferred type of term deposit and tenure, and earn higher interest rates than those provided on your savings account.
Apply for Loans

You can apply for personal loans, home loans, and auto loans through the net banking portal. You can also access all the necessary information about the loan before sending your loan application.
Make Investments

Whether you wish to invest in mutual funds, bonds, shares, or other market products, you can do so through internet banking. You can also link your bank account to your investment accounts for instant credit and debit of funds.
Security

Banks take various measures to ensure you enjoy a secure internet banking experience. Security features of internet banking systems include multi-factor authentication, virtual keyboard, spending limits and session timeouts. You also receive SMA and email alerts when you log into the internet banking platform to ensure your account is secured from fraudulent activities.
File Tax Returns

Some banks also allow you to file your income tax returns on their internet banking platform. All you need to do is log in, select the income tax e-filing option and file your taxes.

Final Note

The above-mentioned features of internet banking indicate that it is an incredibly convenient facility. However, you require a stable internet connection to enjoy uninterrupted services. Internet banking reduces your dependence on your bank branch, saves time, and allows you to conduct most transactions remotely and securely.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.